RYE, N.Y. (AP) -- Consumer products company Jarden is buying Yankee Candle for about $1.75 billion, helping to expand its product offerings.
Jarden is known for brands such as Crock-Pot, Mr. Coffee and Coleman camping gear. Yankee Candle is best known for its various scented and seasonal candles and accessories.
Jarden Corp. founder and CEO Martin Franklin said in a statement Tuesday that this is the Rye, N.Y.-based company's first significant acquisition since April 2010.
Yankee Candle President and CEO Harlan Kent said the buyout gives Yankee Candle the resources and scale to strengthen its existing product development and distribution capabilities.
Yankee Candle will become a part of Jarden's branded consumables division, which will now make up about 35 percent of the company's total sales.
Jarden anticipates funding the acquisition with available cash, common equity and the remainder with a mix of bank debt and bonds.
The deal with Yankee Candle Investments LLC's owner, private equity firm Madison Dearborn Partners LLC, is expected to close early in the fourth quarter.
Jarden Corp. is the parent company of Jarden Zinc Products, at 2500 Old Stage Road.
The Greeneville operation has more than 200 employees and 350,000 square-feet of manufacturing space.
Jarden Zinc Products is the largest North American producer of solid zinc strip and zinc-based products.
The plant was established locally in the early 1970s as Ball Brothers Glass Manufacturing Co. and later became Alltrista Zinc Products Company.
Alltrista changed its name to Jarden in 2002.
Jarden Zinc and its predecessor companies have been making U.S. penny coin blanks since 1981.
The mass and composition of the pennies changed to the current copper-plated zinc core in 1982.